VACANCY RATEThe calculation of the percentage of all available rental units in a particular area that are not occupied.

VACANT LANDLand that may be improved and developed but is not currently in use.

VACATETo leave or move out of a premises.

VACATION HOME"An occasional-use property, often in a resort area (ski, sun, ocean), which may be rented out by the owner to other vacationers while not in use by the owner."

VALIDLegally binding; authorized.

VALLEYThe angled intersection between two roof planes where water collects and runs off the roof. Valleys are often protected with special metal flashing because they must handle heavy water flow without leaking.

VALUATIONThe estimation of the worth or sale price of an asset.

VAPOR BARRIERA material such as plastic that prevents the passage of moisture.

VARIABLE EXPENSES"Operating costs of a property which are not fixed, which change as a result of certain contingencies, such as percentage occupation of the property, type of use of the property, perhaps even the season of the year (for heating and air conditioning costs)."

VARIABLE INTEREST RATE"An interest rate that may change according to change in the index rate. See ""adjustable interest rate""."

VARIABLE RATE MORTGAGE (VRM)"See adjustable rate mortgage""."

VARIABLE-MATURITY MORTGAGEA long-term loan in which the date the balance is due may be changed to adjust the level of periodic payments.

VARIANCEAn indulgence granted by a local zoning commission or authority to allow a non-conforming use of a property to continue. The zoning bylaw or ordinance is actually amended as it pertains to the particular property.

VAULTED CEILING"A ceiling formed in any variety of curved shape, which arches above the floor within a home."

VENDORA vender; a seller; the correlative of vendee.

VENDOR AND PURCHASER APPLICATION"Also known as ""V&P Application"". The bringing before a court in Ontario of any dispute between parties to an Agreement of Purchase and Sale with regard to the terms of the Agreement. Named after the Vendors and Purchasers Act, the statute which sets out the procedure for such an application."

VENDOR TAKE-BACK MORTGAGE"See ""mortgage back""."

VENEER"Any kind of thin wood or brick finish which is attached to the exterior of an item, be it a wall or a piece of furniture."

VERANDA"A large, open porch, usually roofed and partly enclosed, often extending across the front and sometimes sides of the house."

VESTTo become the property of someone through action of law.

VESTIBULE"A passage, or hall between the outer door, and the interior parts of the home."

VESTINGConveying ownership.

VIOLATION"Any breach of a contract, rule, law or ordinance."

VOID"Null, not legally enforceable."

VOIDABLEA contract that may be treated as legally unenforceable at the option of a party (usually the injured party) but remains enforceable until that party exercises her option.

VOLUNTARY ALIENATIONTransfer of title to an asset with the consent of the owner.

VOLUNTARY LIENA claim that is recorded/registered with consent of the owner.